Mindspace REIT Receives 100/100 in Office Development benchmark with the title of ‘Global Sector Leader’ in 2023 GRESB

New Delhi, October 17, 2023: Mindspace Business Parks REIT, became the first Indian Commercial Real Estate entity to be adjudged ‘Global Listed Sector Leader’ in 2023 Global Real Estate Sustainability Benchmark (GRESB) for Office Development Benchmark. The REIT also ranked 1^st in Asia, and is placed 1^st out of 9 in India, in the ‘Listed Companies Category’ for commercial business development. 

The REIT secured a prestigious 5-Star Rating for the second consecutive year, by achieving a 100/100 in the Development Benchmark. Moreover, Mindspace REIT impressively scored 91/100 in the Standing Investment Benchmark, ranking 6^th among real estate peers across Asia with a 5-star Rating. This performance has been achieved for the entire 32.1 million square feet, Grade A portfolio.

The ranking gives Mindspace REIT the ‘Green Star’ status. The REIT has also secured a 100% score in both Management and Development benchmarks, while witnessing a 16% year-on-year increase in its performance component rating.

“GRESB Sector Leaders embody the industry’s champions, leading the charge towards a net-zero future and propelling the sector forward. We wholeheartedly commend this year’s Sector Leaders for their dedication, leadership and commitment to ESG principles and sustainability,” said Sebastien Roussotte, CEO of GRESB.

Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace Business Parks REIT said, “We are the first real estate entity in India to earn the ‘Global Sector Leader’ title, and we’re very proud of this. With this title comes a big responsibility. We are encouraged to do even better on the ESG front and to work closely with our tenants, partners, and local communities on new sustainability projects. More investors are now using ESG data to make decisions. This recognition helps show our stakeholders that we are transparent and dedicated to doing what’s right, being innovative, and growing in a sustainable way.”

GRESB is an independent organization providing validated ESG performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement and decision-making. Today, over 95% of investors use ESG data in their decision-making, and the GRESB data is currently being used by 170 institutional and financial investors with more than USD 51 trillion in assets under management ⁽¹⁾.